Jakarta: Bank Indonesia (BI), Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS), and Bank of Thailand (BOT) have agreed to strengthen and enhance cooperation on payment connectivity to support faster, cheaper, more transparent, and more inclusive cross-border payments.
A Memorandum of Understanding (MOU) on Cooperation in Regional Payment Connectivity (RPC) was signed today in the Indonesian province of Bali on the sidelines of the G20 Leaders' Summit with keynote address from Indonesia's President Joko Widodo.
During his remarks at the signing ceremony, President Widodo emphasized the importance of concrete joint collaborative action in addressing global challenges.
The President also expressed his highest appreciation to the Governors of the five central banks for their commitment to delivering innovative breakthroughs that will further accelerate regional payment connectivity.
"This MOU serves as a significant milestone in paving the road for advancing cross-border payment connectivity. Existing bilateral payment connectivity arrangements will be expanded as part of the region's efforts to strengthen its economic integration. Such collaboration among central banks is key to accelerating economic recovery. We hope that other countries will follow this good example and leadership in implementing cross-border payment connectivity," BI Governor Perry Warjiyo said in a joint press release on Monday.
The RPC is expected to be a significant contributor to accelerating regional economic recovery and promoting inclusive growth.
The implementation of cross-border payment connectivity serves to support and facilitate cross-border trade, investment, financial deepening, remittance, tourism, and other economic activities, as well as a more inclusive financial ecosystem in the region.
This is particularly beneficial for micro, small, and medium enterprises as it will facilitate their participation in international markets. The cooperation will include a number of modalities, including QR code and fast payment.
Accelerating economic and financial digitalization has become a global initiative with the G20 establishing its Roadmap for Enhancing Cross Border Payments.
The cooperation initiative is also in line with Indonesia's G20 Presidency priority agenda in the area of digital transformation, including through payment systems in the digital era, manifested by the joint efforts to pursue enhanced cross-border payment connectivity involving Indonesia, Malaysia, Philippines, Singapore, and Thailand.
Going forward, this payment connectivity initiative could be expanded to include other countries in the region and potentially other partner countries outside the region.
This milestone also marks the start of Indonesia's chairmanship of the Association of Southeast Asian Nations (ASEAN) in 2023.
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